Worried about my annual review

[antm]

Where to start, i guess at the beginning, im 3 years into my iva, only 23 months to go.

Every year when the review comes round i alway get that feeling of guilt and worry and the realisation i messed my finances up 3 years ago. Long story short, i was underpaid for months in my previous job, racked up hugh debt and ended in a mess.

Things that worry me from this review is firstly my income has been up and down like a yo-yo for the past 8 months, i had a payrise, then a paycut, then a wages error against me, then i got it back etc.. so my annual salary is all over the place.

The second thing, is in my first year i called up and spoke to the IP as i had been issued a credit card, with a small limit of £500. I called the IP was told yep thats fine just don't abuse it, just use for emergencies, so for 3 years i have used it occasionally just struggled along paying bits off. I had to use it just after christmas to pay for a car repair as i was really short, not a cheap car repair but all the same i used it. Now on my annual review letter its got a bit saying im not allowed to have this card, infact i shouldn't of had one in the first place.

Just worried that 3 years of struggling and paying, and now possibly ive ballsed it all up just because i took the advice of someone 3 years ago, someone who doesn't even work at the office anymore!

Part of me is worried and another is angry with myself, i should of known better. On another hand im really glad i didn't listen to their other advice! My car HP finished 18 months ago leaving me with the option, new or finance the balloon payment, my IP told me i could go for the new option, so glad i just financed the balloon payment through my IP instead!

Oh i should say ive been lurking for the last 3 years, and some of the advice ive read has really helped along the way so thanks!

[clareyfarey]

Hi Ant.

I don't think you're alone being worried about the annual review, I always dreaded the date looming.

I think if I was in your place, I would just be entirely honest with your IP, and tell them what you told us. We all make mistakes, and do silly things.....Let's face it, none of us would be on here if we didn't.

I think the thing that sticks out here for me is the credit card, as you certainly aren't allowed to have any credit in your IVA.
Who's your IVA with? Have you spoken to them?

I'm not an expert by any stretch, but I hope the forum can help you a bit.....I know it's helped me in countless ways.

Well done for getting this far

Cx

[antm]

I tried to call them today, but no avail, i had to send my bank statements etc.. today so sent the letter with it explaining what had happened, ive noticed i will be able to pay a some more cash into the fund earlier as my balloon payment for my car ends earlier than forecasted, i know its not much but £300 will go in, which wasn't going in before i reviewed things.

Im with Debt Lifeboat, they were someone else before which is probably why i was given the wrong information at the start.

[flumpy dog]

hey antm hope youre ok

firstly give yourself a break what you need to realise is 3 YEARS !!! of paying into an iva is already a major achievement even if you dont think so. so give yourself a break. at the moment youve had a lot to contend with.
i know normally with most firms you cannot incur further credit without your ips express permission-thats definitely with my ip but as clarey has said i would just be honest with your ip. it wasnt as if you used the money to go out on the lash-it was for an essential thing. as long as you havent incurred further debt then i cannot see a problem and i think any reasonable ip would say the same. you can explain another ip (give their name to your ip) gave you this info-it may not have been wrong to them-they may have looked at it from a different perspective but seriously cut yourself some slack. you realised what you did-is the debt on the card clear yet ? if not try and make headway to clear it slowly but you have and ARE doing really well and should start focusing now on your major positives rather than the negatives fd x [:)]

[kallis3]

If you can't get through on the phone, try emailing via this link:

http://www.insolvency-service.co.uk/newipsearch.htm

Just explain what has happened.

[antm]

No the card isn't clear as i had to use it in january, quite a big electrics bill for the car, my car stereo had fused at the back rendering the car useless! i remember my first car no electrics to go wrong in a metro!! I had to pay citroen to remove the old stereo replace it, and sort the wiring just so i could get the thing to start.

Ive sent my ip, well his secretary a letter explaining what has happened, still awaiting to see how much trouble im in, thinking about it i could see if i could miss 1 payment of my iva and pay it off, but ive also scheduled loads of Overtime over the next few weeks so could use my half of that to pay it off, pity ive got to wait till april to get that pay in.

Just really worried after 3 years i may of knackered the one thing getting me back on track! Im just so looking forward to getting through the next 2 years and then getting my life back on track, the last 3 years have been tough but nothing with some common sense i haven't coped with, just wish i could of applied more common sense eh!!

[flumpy dog]

hey antm let us know how you get on. i know its hard to not worry but youve done so well please try and remain positive until you hear otherwise hun fd x

[kallis3]

I am sure that everything will be ok Ant.

Just explain things to your IP.

[antm]

I managed to get through today! Spoke to one of the team who advised me to use my overtime to pay it off and to send them the statements as proof it was being paid off, they couldn't track who had advised me originally, but feel better now, they have put a note on my file explaining what I'm doing to correct the issue, next step wait for review in June

[flumpy dog]

awww thats excellent antm
now chill out ok and be nice to yourself xxx luv fd

[kallis3]

Brilliant news ant, glad you got it sorted.

You can relax now!

[Shining]

that is good news and glad it's sorted for you.

[clareyfarey]

Glad you're sorted Ant, I'm sure you feel better now it's out in the open. If you hadn't you would just worry yourself about it, and that's not a good place to be!

Enjoy your weekend

Cx

[antm]

Thanks all, its been keeping me awake the last few nights, felt like i was back before i had my first meeting!

Its also nice having other people in the same boat to talk to, ive never told anyone about my money situation, its the one thing i keep to myself. Well be warned you may see more posts from me! roll on 2012! its not the olympics it my finishing year!

[kallis3]

Post as much as you like antm, we will always be pleased to see you.